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Category: Petroleum

Local News Oil Petroleum

Sonangol Plans Maintenance Shutdown of Luanda Refinery to Ensure Efficiency

Sonangol announced plans for a scheduled shutdown of its Luanda Refinery in the coming months, a routine procedure aimed at enhancing operational efficiency. Joaquim Kiteculo, President of the Executive Committee of the Refining and Petrochemical Business Unit (UNRP), clarified that this periodic maintenance is crucial for the refinery, which processes 60 thousand barrels of oil per day, accounting for 20 percent of Angola’s gasoline consumption. The maintenance involves halting all refinery units to conduct internal

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Local Energy Gas News Oil Petroleum

Aker Solutions Secures Long-Term Agreement for FPSO Projects in Angola

Norway’s Aker Solutions has secured a long-term frame agreement with Azule Energy to provide EPC (engineering, procurement, and construction) services for brownfield projects and modifications on two FPSOs (floating production storage and offloading units) in Angola. This agreement extends Aker Solutions’ ongoing collaboration with Azule Energy, Angola’s largest independent oil and gas producer and a joint venture between Eni and BP. The scope of work focuses on the Greater Plutonio and PSVM FPSOs. It includes

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International News Oil Petroleum

Uganda National Oil Company Secures Fuel Supply Agreements with Major Oil Marketers

Uganda National Oil Company (UNOC) has finalized agreements with major oil marketers in response to potential threats to its fuel supply monopoly. The Sales and Purchase Agreements (SPAs) were signed on Tuesday, outlining the roles and responsibilities of each party within the supply chain. A report by The East African revealed that UNOC has secured long-term contracts with over 80 oil marketers in Uganda, establishing ties with the market’s largest fuel dealers. This move follows

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International News Oil Petroleum

Dangote Refinery Makes Waves with First European Jet Fuel Shipment

Nigeria’s Dangote refinery has reached a new milestone by exporting its first jet fuel cargo to Europe. This move marks a significant expansion of the refinery’s reach and potential impact on global fuel markets. British multinational BP is currently transporting the initial shipment, consisting of 45,000 metric tons of jet fuel, onboard the Doric Breeze from the Lekki Free Zone in Lagos, Nigeria. This shipment follows BP’s successful bid for a portion of a 120,000

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International News Oil Petroleum

TotalEnergies Commits $600 Million to Enhance Congo Operations, Skips Nigerian Oil Sector Again

French oil giant TotalEnergies has committed $600 million to bolster its operations in the Republic of Congo, continuing to bypass investment in Nigeria. This decision, announced by TotalEnergies’ CEO Patrick Pouyanne during a visit to Kenya, follows the company’s earlier choice to allocate $6 billion to Angola instead of Nigeria, citing policy inconsistencies and other challenges in the West African country. The $600 million investment will be directed towards exploration and production activities in Congo’s

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International Oil Petroleum

Galp Sells Mozambique Rovuma Basin Stake to ADNOC for €600 Million

Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million. In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the

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Local Energy News Petroleum

TotalEnergies chooses Angola over Nigeria for $6 billion energy project

French oil major TotalEnergies has chosen Angola over Nigeria for a $6 billion energy project. The oil giant is moving forward with the development of the Kaminho oil project, located 100 km off the coast of Angola, following a final investment decision on the block, it announced on Tuesday. The $6 billion project involves developing two oil fields, Cameia and Golfinho, located in Block 20/11, according to a statement from Angola’s national hydrocarbon agency, ANPG.

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International Economy News Petroleum

IMF Urges Nigeria to End Fuel and Electricity Subsidies to Boost Economy

The International Monetary Fund (IMF) has reiterated its call for the Nigerian government to eliminate subsidies for fuel and electricity, contingent upon the enhancement of the social protection scheme. In its recent report titled “Nigeria: 2024 Article IV Consultation,” the IMF highlighted that these subsidies are projected to consume 3% of Nigeria’s Gross Domestic Product (GDP) in 2024, up from 1% in the previous year. The IMF praised the Nigerian Federal Government for several measures,

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International Energy Mining News Oil Petroleum Transport and Logistics

Expansion of Beira-Harare Pipeline Secures Regional Energy Supply

The Beira corridor stands as a critical fuel supply route for Zimbabwe and a primary transit pathway for fuels heading to Zambia and the Katanga region of the Democratic Republic of the Congo. Integral to the region’s energy infrastructure are the combined assets of CFM (Port of Beira operator), CPMZ (Mozambican pipeline operator), PZL (Zimbabwean pipeline operator), and NOIC (Zimbabwe’s government-appointed shipper). Their efficient operation ensures energy security for Mozambique and the landlocked nations along

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International News Oil Petroleum

TotalEnergies and Dangote Refinery Sign Landmark Supply Deal

TotalEnergies CEO Patrick Pouyanne announced that the company has signed its first supply agreement with Nigeria’s Dangote Refinery. The announcement was made during a meeting with Aliko Dangote, although specific details of the agreement were not disclosed. “We met this morning; we made the first deal between both of us,” Pouyanne said during a panel at the Africa CEO Forum in Kigali, Rwanda. “The two CEOs met with our head of trading, and we found

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